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NRIs: How Your Investments Fared in 2011 By Deepa Venkatraghavan MUMBAI (TOI): 2011 has been a tumultuous year for assets around the world. If you are an NRI with significant Indian holdings, here’s how your investments fared in the year gone by. We also profile some of the major global indices. But up first, the impact of the falling rupee on your investments. Rupee: The rupee fell approximately 18% in the last one year (December 16 2010 to December 15 2011). As an NRI, you stand to gain or lose, depending on what you are planning to do with your dollars. If you had sent your dollars to India on December 16 2010 with a plan to remit the money back to the US by the end of 2011, your returns will be lower by 18% simply on account of rupee depreciation. For instance, if on December 16 2010, you had invested USD 10,000 in an NRO bank deposit in India that gave a 7% interest, you would have remitted Rs 4,53,000 (rupee was Rs 45.3 on December 16 2010) Now, at the end of one year, your deposit would have grown to Rs 4,84,710. But if you remit this money back to the US, at the exchange rate of Rs 53.7 (as of 15 December 2011), you would be remitting just USD 9026. So your gain of 7% from interest on your deposit would have got wiped out by the depreciation of the rupee. On the other hand, if you are planning to send money to India now, you will get more rupees for every dollar. BSE Sensex: The BSE Sensex tanked 22% in the last one year. And if we get down to sector indices, there is only one winner - FMCG. The BSE FMCG index ended the year in positive territory up 12%. Financial Domain Trainer
PV Subramanyam explains this phenomenon, “In an uncertain atmosphere, cash gets more respect as compared with ‘potential’ cash. So companies like Colgate, Gillette and HUL who have more cash are more respected as compared with an infrastructure company that has ‘future’ cash.” Should you worry about the market fall? If you are a long term
investor with a time horizon of more than 5 years, experts continue to believe that equity as an asset class is the best bet to wealth creation. Investment Returns (%) Sensex 22 BSE FMCG 12; BSE Realty -47; BSE Auto -18; BSE Bankex -27; BSE Capital goods -45; BSE IT -13; BSE Healthcare -11; BSE Oil and Gas -28; Returns for the one year period ending December 16, 2011 Equity Mutual Funds - India Equity mutual funds pretty much mirrored the performance of the Sensex. Large cap funds posted negative returns with even the top performers posting returns in the range of -15%. Not surprisingly, FMCG sector funds posted positive returns; in fact, the top performer across all equity funds was the ICICI Prudential FMCG fund Investment - Returns (%) 1. ICICI Prudential FMCG >> 18.00. 2. Magnum FMCG >> 11.77. 3. ING Global Real Estate
Retail >> 11.31. 4. Birla Sun Life International Equity Plan A >> 6.60. 5. DSPBR World Energy Reg >> 3.50. Returns for the one year period ending December 16, 2011 Debt Mutual Funds - India Thanks to rising interest rates, the debt category has been a good performer in 2011. The top 5 debt mutual funds gave a return of around 12-15%. But remember that inflation was also high in 2011 - the WPI going up 7.5% from January 2011 to November. Investment Returns (%) 1. Sahara S h o r t Te r m Bond >> 13.89. 2. Tata Fixed Income Portfolio Scheme C. 3. Reg >>12.80.3. Peerless Short Term >> 12.79. 4. Sundaram SD Short-term >> 12.52. 5. Escorts Income >> 12.23 NRO fixed deposits: If you had invested in an NRO bank deposit in January 2011, you would have earned a return of 7.5-8% for a term of one year. However, your deposit would have been locked-in and you probably lost out on gaining from the rising interest rate scenario. By December 2011, banks had increased the interest rate on NRO fixed deposits to over 9%. Should you withdraw old deposits and invest in newer ones? “You should always withdraw old deposits and make fresh ones. But please worry about tax laws, TDS and withdrawal penalties before you make your decision,” Subramanyam advices. Gold: The Gold story has continued to be a fascinating one. And the quantum of gains from gold investments by NRIs purely Continued on page 28
“B” for Bollywood Billions
MUMBAI (HT): Bollywood struck gold in 2011, revving up lacklustre Box Offices in India with help from its leading men who wooed audiences back to cinemas after a dismal 2010. Domestic revenues hit 19.25 billion rupees ($363.2 million) this year, up from 14.5 billion rupees in 2010, and an unprecedented four films crossed the billion rupee milestone. Two of those blockbusters starred actor Salman Khan. The solid performance contrasted sharply to the previous year when there were hardly any hits. “Audiences and filmmakers have gone back and discovered stories that are close to our Indian roots,” said Sanjeev Lamba, Chief executive of Reliance Entertainment, which produced two of the year’s biggest blockbusters -- Bodyguard and Singham. Bodyguard, in which Khan plays a personal security guard to a rich man’s daughter and ends up falling in love with her, was the most successful Bollywood film, raking in more than 1.5 billion rupees ($28 million) at domestic box offices. Singham told the story of a rightminded police officer who stands up to a corrupt politician and was accompanied by romance, drama and high-octane action. Both Bodyguard and Singham were panned by critics but loved by audiences. And both featured strong central characters, harkening
INDO AMERICAN NEWS • friday, DECEMBER 30, 2011 • WWW.INDOAMERICAN-NEWS.COM
back to the 1980s and early ‘90s in Bollywood when films were centred on the hero and his defeat of a villain in a battle of good versus evil.
“Audiences have always loved the dilemmas of the hero, a little bit of action, some drama and some romance,” Lamba said. “We had a lot of that this year.” Other themes were successful, too. Offbeat films like The Dirty Picture, based on the life of a softcore porn star, proved to be sleeper hits and took industry analysts by surprise. Together with the likes of Singham and Bodyguard, these smaller films proved audiences have an appetite for both mass market and niche-oriented work. “It is not that more people are watching movies, but that the same audience is watching more movies,” said Shailesh Kapoor of Ormax Media, a firm that specialises in film market research. But widely-hyped movies like Continued on page 28
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December 30, 2011
NRIs: How Your Investments Fared in 2011
Continued from page 27
depends on where you bought your gold from - India or abroad. Gold price in dollars moved up 15% during the last one year. But the price in rupees jumped more than 30%, thanks to the depreciation of the rupee against the dollar. Of course, these gains remain notional unless you sell the gold. Gold continues to be a safe haven and experts recommend 10-15% gold in your portfolio. Investment Returns (%) Gold - Dollar >> 15.22 Gold Rupees >> 34 Gold ETFs - India 1. Reliance Gold ETF >> 35.50 2. SBI Gold ETS >> 35.41 3. UTI Gold ETF >> 35.36 4. Kotak Gold ETF >> 35.34 5. Quantum Gold ETF >> 35.32 Returns for the one year period ending December 16, 2011 Global indices: If you had invested in global markets, here’s how you would have gained or lost depending on which country you placed your bets on. For all its problems, the US market was the better of the lot. Should you invest more in the US market? “No,” says Subramanyam
adding, “The steepest rise may be over, now it will be like any other market. Indian market over next 3 years, I guess will give better return for the NRI than the US market including currency gains - and both places have political risks.” Investment Returns (%) Dow Jones >> 3.2 Nasdaq >> -3.32 UK FTSE 100 >> -8.4 German DAX >> -19 French CAC 40 >> -24 Japan’s Nikkei >> -19 China’s Shanghai >> -23 Singapore Straits Time >> -16 US Mutual Funds If you had invested in US mutual funds, and were holding some top notch funds, you probably fared well on returns. Morningstar. com’s rankings show that the top performer among funds investing in the US stock market was PIMCO’s Real Estate Fund which gave a return of nearly 30% in the last one year. Among the top 5 performers were also 2 funds investing in the utilities sector. Among bond funds, PIMCO’s Extended Duration fund returned 67%. The fund holds nearly 30% in long term treasuries of 30 year
duration. But in case of both these fund classes, it is important to remember that good returns were limited to the top performers. The category average in case of equity funds (US stocks) was -4% and of bond funds was about 6%. Investment Returns (%) PIMCO Real Estate Real Return Strategy A >> 29.46 PIMCO StocksPLUS Long Duration Instl >> 21.98 FBR Gas Utility Index Investor >> 21.47 ProFunds Utilities UltraSector Inv >> 20.59 ProFunds Pharmaceuticals UltraSector Inv >> 18.05 Top 5 Bond Funds in US Investment Returns (%) PIMCO Extended Duration Instl >> 67.25 Vanguard Extended Dur Treas Idx Instl >> 67.03 ProFunds US Government Plus Inv >> 52.14 Rydex Govt Long Bond 1.2x Strategy Inv >> 50.34 Wasatch-Hoisington US Treasury >> 49.03 Source: Valueresearchonline.com * Morningstar.com
“B” for Bollywood Billions
Continued from page 27
superhero film RA.One were a let-down. In spite of a publicity blitzkrieg, actor Shah Rukh Khan’s film did not live up to expectations with around 1.2 billion rupees ($22 million) in net Box Office. That was just a bit more than its official budget of a billion rupees. Industry estimates put the film’s cost at over
Rajinikanth Lends Hall for Team Anna’s Protest Fast Asked whether Rajnikanth so far.” CHENNAI (Outlook): Pledging IAC is also planning to hold ‘jail his support to anti-graft initiatives, would visit the venue during the bharo andolan’ from December superstar Rajinikanth has lent 30, he said. his sprawling marriage hall here Meanwhile, Rajinikanth free of cost for the three-day fast made a surprise visit to his being organised by Team Anna marriage hall where the threeactivists for a strong Lokpal day fast called by India Against Bill. Corruption-Chennai Chapter is “We are organising a threeset to commence tomorrow, day fast from tomorrow. We had sources said. approached him for support. According to sources, He (Rajinikanth) accepted it the Tamil superstar visited and said he was always for the Raghavendra Kalyana anti-corruption,” India Against Mandapam in the evening and Corruption’s (IAC) Central inspected the arrangements Core Committee member M S being made to conduct the Chandramohan said today. fast, India Against Corruption The Raghavendra Kalyana Mandapam in the heart of the Super Star Rajinikanth is for anti- sources said. city in Kodambakkam locality corruption in business circles, his The actor ’s stay at the here will be the venue for the actions spoke louder when he donated marriage hall was brief and he fast being held from tomorrow the marriage hall space for free to host left after taking stock of the to express solidarity with social the 3 day fast organized by Team Anna arrangements, they said. Around 200 people have so activist Anna Hazare, who is activists for a strong Lokpal Bill far registered to take part in beginning his fast in Mumbai. “He (Rajinikanth) offered it free fast, Chandramohan said, “He is the fast, which will conclude on of cost and said it was his service to always invited. But, he has not December 30, they added. www.indoamerican-news.com the country,” Chandramohan said. said anything on that possibility
1.5 billion rupees. Aside from that, for the most part, Bollywood managed to keep its purse strings in check, with production houses learning that budgeting a film right is half the battle. “Balaji Motion Pictures made The Dirty Picture at a budget of less than 300 million rupees but have chosen themes and subjects which are interesting, and (they) publicised their films so well that audiences have felt compelled to watch them,” said industry analyst Vajir Singh.
Big studios like Reliance and UTV also have changed their business models, preferring to coproduce films rather than acquire them after completion. Last year, Reliance suffered losses after two big-ticket acquisitions, Mani Ratnam’s Raavan and Hrithik Roshan-starrer Kites flopped at Box Offices. “This year, all our films have been coproductions or our own productions and we have seen the successes,” Lamba said. “ We p r e f e r to be creatively involved from the beginning of the project rather than coming in at the end in an acquisition scenario.” I n d i a n audiences also warmed up to Hollywood blockbusters including Harry Potter And The Deathly Hallows: Part 2 and The Adventures Of Tintin: The Secret of the Unicorn -- something that wasn’t seen until just a few years ago due mainly to Bollywood’s dominance of the Box Office. “These days, the box office collections of good Hollywood films can rival those of a Bollywood film,” said Sunil Punjabi, chief executive of the Cinemax chain of multiplexes. The Adventures Of Tintin, which was released along with Ranbir Kapoor’s Rockstar in November, made more than 70 million rupees its opening weekend.
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Despite Rallies, Corruption Rampant in South Asia in 2011 By Christopher Matthews NEW DELHI (WSJ): More than one in three people who deal with public services in South Asia pay bribes, according to a new survey published Thursday. In the report, titled “Daily Lives and Corruption, Public Opinion in South Asia,” anticorruption
coordinator for South Asia, said in a news release. Political parties and the police are the most corrupt institutions in each of the six countries, followed closely by legislatures and public officials, according to the survey. Officials overseeing land deals were the next likely to demand a
(IT) By Rahul Bedi: Even as India’s parliament hotly debates anti-corruption legislation pending for 42 years, a regional survey has revealed 74 per cent of locals believe levels of graft had increased over the past three years and that politicians and police are the most corrupt.
The findings, based on a survey of 7,800 people between 2010 and 2011 in India, Bangladesh, the Maldives, Nepal, Pakistan and Sri Lanka, found that more a third of south Asians had been forced to bribe officials, mainly for services to which they were legally entitled. Released in the Nepalese capital Kathmandu on Thursday, the report showed bribery had become so endemic that south Asia was second only to sub-Saharan Africa as the world’s most corrupt region. “With bribery such a big part of life for south Asians, you can see why so many people are angry at their governments for not tackling corruption,” Transparency I n t e r n a t i o n a l ’s R u k s h a n a Nanayakkara said. People were sick of paying bribes
to get on with their daily lives and of the sleaze and undue influence of public servants, he added. According to Transparency International India, 63 per cent across the country had bribed land service officers over the past 12 months, while 62 per cent had paid off registry and related services personnel, in most cases for what was their right. More than 42 per cent perceived Indian political parties to be the most corrupt institution, but in a heartening endorsement of journalism, some 23.9 per cent of respondents were of the view that the media was the “most trusted” body to fight graft. Bangladesh emerged as the most corrupt country, with 66 per cent reporting having paid bribes to public institutions.
Make a Note for 2012
NARESH SETLUR, CPA
Kiran Bedi at the anti-corruption rally near Gateway of India, Mumbai group Transparency International surveyed 7,500 people between 2010 and 2011 in Bangladesh, India, the Maldives, Nepal, Pakistan and Sri Lanka on the frequency of bribes in those countries. “With bribery such a big a part of life for South Asians, you can see why so many people are angry at their governments for not tackling corruption. People are sick of paying bribes just to get on with their daily lives, and they are sick of the sleaze and undue influence of public servants,” Rukshana Nanayakkara, TI’s senior program
bribe, the survey found. Bangladesh has the most rampant corruption, with 66% of people saying they pay bribes to public institutions. Meanwhile, twothirds of Indians, Bangladeshis and Pakistanis who dealt with the police ended up paying a bribe. The study also found that most people think corruption is on the rise in the region, with 62% of those interviewed saying they believe corruption has become worse in the past three years. But 83% of people said they were ready get involved in fighting corruption.
Transparency International (TI), the Berlin-based global corruption watchdog, has revealed in Daily Lives and Corruption: Public Opinion in South Asia that 64 per cent of Indians had bribed police, while 55 per cent of respondents felt prime minister Manmohan Singh’s Congress Party-led government was ineffective in controlling corruption. The survey found that 62 per cent of south Asians believed corruption had got worse over the past three years, with Indians and Pakistanis being the most pessimistic.
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REAL ESTATE
December 30, 2011
Hot Indian Property Destinations for NRIs in 2012
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property for the next 5 years to see that is, those properties that already By Deepa Venkatraghavan have a lease agreement in operation. MUMBAI (TOI): The Non a good return. Which are the top cities You might have to pay a little more Resident Indian (NRI) might as well remember 2011 as the year of for commercial real estate as compared to under construction or fresh properties but you are the ‘lazy investor’. For NRIs have investment? Mumbai and Pune in the West, assured of lease rentals. Pre leased gained 18% since August 2011, simply by remitting money to India; Delhi and NCR in the North and properties usually have a 3-5 year no effort at all. But as we approach Bangalore, Chennai, and Hyderabad lock-in with a lease term of 9 years,” explains Sahni. 2012, NRIs must take stock of in the South. What is the kind of capital What kind of commercial how best to use their remittances. The traditional favorite has always property should NRIs opt for? appreciation one can expect from commercial property? been real estate. But in this volatile What are the potential yields? The commercial market is in a There are 3 broad options in market, how great an investment is it? Is this a good time to buy commercial property: front office slump now. But you can expect a property in India? Let’s try to find space (like banks, MNCs), IT office total annual return (rental yield plus capital appreciation) of at answers. least 12% from commercial Is it a good time to p r o p e r t y r i g h t n o w. invest in commercial Commercial properties that property in India? are currently undervalued “ Ye s , ” s a y s by 15-20% would rise to fair Sanjay Dutt, CEO value in the next 2 years. - Business, Jones Buying Property is an Lang LaSalle India. investment game, everything “India’s growth story depends on location. “Outer remains intact with ring road in Bangalore for just some relatively instance will do better than minor turbulence Whitefield in terms of capital in the short term. appreciation. Lower Parel Secondly, for NRIs, and BKC in Mumbai will right now there is the straight advantage of Mayfair Meridian in Mumbai, luxury flats -- real do better than Thane,” Dutt exchange rate. The estate has never been a better buy in India than explains. Residential property: Is rate will eventually right now it a good time to invest in stabilize with residential property in India? Government intervention. Thirdly, space and high street retail space. “Anytime is a good time to buy “In the case of office space, a good property valuations, especially in the commercial space, have come quality unit in Delhi and Mumbai a residential property in India,” down and are currently undervalued would come at a budget of at least says Poonam Mahtani National by 15-30%. Fourth, some of Rs 15-20 crore. In other cities like Director, Residential Services, the developers are significantly NCR, Pune, Bangalore, Chennai India - Colliers International, and leveraged (paying 13% interest rate and to an extent in Hyderabad, she is quick to add, “It all depends for construction and 15% to 21% you would have to put in at least on the location, developer and your for land from NBFCs and private Rs 10-15 crore. These properties risk appetite.” What are the key locations for lenders). As a result they now want would generate a rental yield of residential property? to take some cash out and invest 10.5-11%,” says Dutt. “Suburban locations of every “We believe that commercial in mid or low market fast moving residential. In short, there is pressure office space of 2500 sq.ft can metro are great investment on developers. Lastly, vacancy rates give you rental yield of 8-9% pre options. So for instance, you have in the office space are expected to tax while IT spaces can generate Gandhinagar near Ahmedabad, be high. For instance, out of the 60 slightly higher yields of 10-11% Nalasopara, Dahisar, Panvel, Pen million square feet of supply that is because of the inherent risk. Prime and Kalamboli near Mumbai,” expected to come in by the end of locations like Central Business says Dutt. Mahtani places her bets on GST 2011, 25% is expected to be vacant. District (CBD) areas, yields for This will force developers to either all kinds of properties will drop to road, Porur and OMR in Chennai, lease cheap and/or sell cheap,” he around 7%. Retail properties are North Bangalore largely Hibbal, explains. “If you want sustainable slightly easier to handle because it’s Saha Shivnagar, Sarjapur Road and yields and capital appreciation, this easier to find a tenant. Yields also Whitefield in Bangalore, Dwarka Expressway in Gurgaon, Bandra tend to be lower at 6-7%.” is the best time,” Dutt concludes. You can also choose the property East, Goregaon, Panvel in Mumbai Berinder Sahni Associate Director, Investment Services, India based on your risk profile. “We and certain select developments in - Colliers International, advises that usually recommend our NRI clients Lower parel, Mahalaxmi and Parel investors must stay invested in a to invest in ‘pre-leased’ properties, in Central Mumbai.
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INDIA - UK
December 30, 2011
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Shooting of an Indian Student in Salford, UK Could be Racially Motivated: Police
LONDON (ET): An India student enrolled at a British university was shot dead today in what is described as an unprovoked attack by two white men, police said. The Greater Manchester Police said the victim, Anuj Bidve, was aged 23, and was studying at Lancaster University. His parents in India have been informed of the incident. “This appears to be an unprovoked attack and we can’t establish a motive at this time. We are investigating every possible aspect, we are not ruling anything out,” Chief Superintendent Kevin Mulligan, divisional commander for Salford, said. Mulligan said a racial motive was not being ruled out. 23-year-old Anuj Bidve, a postgraduate electronics student at Lancaster University, was part of a group of nine male and female Indian students who were visiting Manchester for a short break over the Christmas holidays. They were heading towards the city centre when they were approached by two white men who were on foot. The killer approached, engaged the victim in a “very short” conversation, and about a minute later pulled out a handgun and shot the student in the side of the head. The victim collapsed to the ground as his killer ran away, the police said. “We can confirm that the 23-year
Anuj Bidve, a 23-year-old Micro-Electronics student, was shot dead while visiting Manchester for the Christmas holidays. old Indian post graduate student, was studying microelectronics,” a Lancaster University spokeswoman said. “Our thoughts are with his family at this time, and counselling and support has been organized for his fellow students who are deeply upset,” he said. Mulligan sought the help of the local community to track down the killer. “I believe the answers to who did this will lie in our community. Someone will know who was responsible and I want to implore those people to be courageous,” he said. He said his family deserve to see those responsible brought to justice”.
(Mirror): Police are probing whether the murder of an Indian student, who was gunned down in the street this morning, was racially motivated. As they walked from their hotel in Salford towards Manchester city centre in the early hours, they were stopped by a man who began a short conversation with Anuj before taking out a handgun and blasting him at close range. The killer then ran back across the street before the pair fled towards Asgard Drive and the Ordsall housing estate. The other man was of a heavier build and wearing a black jacket, police said. Anuj Bidve collapsed to the ground and was taken to hospital where he was later pronounced
dead. Greater Manchester Police (GMP) said it was an “awful” and “unprovoked” attack and pledged to “leave no stone unturned” in the hunt for the killer. Chief Superintendent Kevin Mulligan, divisional commander for Salford, said: “This is a tragic incident and our first thoughts are for the family. “There is going to be a huge amount of concern in the community and I can reassure the family and the community by telling them we have launched a major investigation and no stone will be left unturned until we find the people who are responsible for this.” Armed response units were called
to Ordsall Lane, Salford, at around 1.35am following the shooting. The scene has been sealed off for forensic examination and police are conducting increased patrols of the area. Initial witness statements have been taken from the other eight students who are now “in a safe place” being cared for by police until they return to university, police said. Mulligan made a direct appeal for the killer and his accomplice to give themselves up: “You need to surrender yourselves to the police as soon as possible. The sooner they hand themselves in the better because we will find them in due course.”
A group of detectives and forensic scientists at the the scene of the crime where Anuj Bidve was shot, analyzing the area for clues that will help find the killers.
INDO AMERICAN NEWS • friday, DECEMBER 30, 2011 • WWW.INDOAMERICAN-NEWS.COM
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December 30, 2011
OPINION DIASPORA
Indian Outcast Millionaire in Agra Mulls Caste, Riches
By Tim Sullivan AGRA (ST): As far back as he can remember, people told Hari Kishan Pippal that he was unclean, with a filthiness that had tainted his family for centuries. Teachers forced him to sit apart from other students. Employers sometimes didn’t pay him. Pippal is a dalit, a member of the outcast community once known as untouchables. Born at the bottom of Hinduism’s complex social ladder, that meant he could not eat with people from higher castes or drink from their wells. He was not supposed to aspire to a life beyond that of his father, an illiterate cobbler. Years later, he still won’t repeat the slurs that people called him. Now, though, people call him something else. They call him rich. Pippal owns a hospital, a shoe factory, a car dealership and a publishing company. He owns six cars. He lives in a maze of linked apartments in a quiet if dusty neighborhood of high walls and wrought-iron gates. “In my heart I am dalit. But with good clothes, good food, good business, it is like I am highcaste,” he said, a 60-year-old with a shock of white hair, a well-tailored vest and the girth of a Victorian gentleman. Now, he points out, he is richer than most Brahmins, who sit at the top of the caste hierarchy:
work and one enormous advantage: name with a higher-caste boy; the to see the virtues of capitalism. “I am more than Brahmin!” But in an increasingly globalized 70-year-old man and his disabled In a consumer society, Prasad ego. “From my childhood, I was nation wrestling with centuries daughter burned alive after a dalit- argues, wealth can trump caste - at thinking one day I will be a big of deeply held caste beliefs, what owned dog barked at higher-caste least some of the time. Growing man,” he said. Raised in poverty, he only made does that mean?. Do Pippal and the neighbors; the man run over at a gas economies also foster urbanization, handful of other dalit millionaires station because he refused to give he says, allowing low-caste Indians it through high school before his reflect a country shrugging off up his place in line to a high-caste to escape traditional village father became ill, and he had to centuries of caste bias? Does caste customer. strictures. Finally, economic growth work pulling a rickshaw to support In an extensive survey by the also means that the traditional the family. His first break came hold still hold sway the way it used to? Even Hari Kishan merchant castes are not when he married a dalit woman Pippal isn’t sure. large enough to fill every from a slightly better-off family that owned a small shoe workshop. “Life is good for me,” job. Dalits have long dominated the says Pippal, sitting in his “This means other castes office in Heritage Hospital, also have a chance” in the shoe business. Caste is largely one of the largest private business world, Prasad a reflection of traditional trades, and since making shoes involved medical facilities in this said. north Indian city. “But life To Prasad, the new working with the skins of dead is very bad for many, many millionaires are a way to animals, it was left to dalits. But Pippal shifted the focus people.” prove that dalits can make of his father-in-law’s workshop, The vast majority of it in a globalized world. India’s 170 million dalits Hari Kishan Pippal, a dalit is a millionaire, who “Don’t say (success) concentrating on high-quality live amid a thicket of is no longer considered an untouchable. is not possible because shoes and teaching himself a slew grim statistics: less than of the caste system,” he of languages - English, Tamil, a third are literate, well over 40 Center for the Advanced Study said. “Here is a list of dalits who Punjabi, Russian, German - to sell his footwear more widely. Today, he percent survive on less than $2 of India at the University of are doing so well.” a day, infant mortality rates are Pennsylvania, researchers found The list is impressive, even if owns a 300-worker factory where dramatically higher than among that dalits living in concrete homes, its members are far from India’s 500 handmade shoes are turned out higher castes. Dalits are far more not huts made from mud and straw. traditional centers of wealth, power every day, then packed into boxes likely than the overall population to Change is slowly taking place. and celebrity. They are, for the already marked with prices in euros and British pounds. While most dalits still support most part, bluebe underweight, and far less likely The expensive ones themselves as rural laborers, there collar rich, often Anand Teltumbde is a to get postnatal care. retail for as much as While caste discrimination has is also a growing dalit middle class, finding their niches prominent dalit activist. $500 a pair. been outlawed for more than 60 many of them civil servants who in less-glamorous “These stories (about He used his years, and the term “untouchable” have benefited from affirmative i n d u s t r i e s : successful dalits) sit footwear profits is now taboo in public, thousands of action laws. building working- well with the middle to start the small “Caste is losing its grip,” said c l a s s h o u s i n g class,” said Teltumbde, anti-dalit attacks occur every year. Honda dealership, Chandra Bhan Prasad, a dalit d e v e l o p m e n t s , who is a grandson Hundreds of people are killed. and then the The stories spill from India’s writer, social scientist and one-time m a n u f a c t u r i n g of B.R. Ambedkar, an hospital. Immense newspapers: the 14-year-old dalit Marxist militant who has become a immense concrete independence-era dalit profits are being strangled because he shared his first leading voice urging the dalit poor pipes, churning out lawyer revered as a hero made in India’s c h e a p p o l y e s t e r by dalits across India. private health care shirts. Hundreds, if not thousands of industry. “I didn’t know ABC about dalit entrepreneurs have emerged since India opened its economy hospitals,” Pippal said, laughing in the early 1990s, sparking some his barking laugh. He gleefully of the world’s fastest economic talks about the Brahmin doctors who at first worked for him very growth. They are also increasingly visible. reluctantly. “Now they are earning A decade ago, dalit businessmen lot of money from this hospital,” regularly changed their last names, he said. Of course, so is Pippal. He’s still since these almost always identify someone’s caste. Even Pippal did it a long way from being a billionaire, at first, playing off the pronunciation but says his businesses have a total of his name and calling his first turnover of about $12 million a company “People’s Exports” to year. At first glance, Heritage Hospital mask his caste background. Now, the dalit rich are chatting doesn’t look state-of-the-art. over cocktails at meetings of their Pippal’s office has stained green own chamber of commerce, and carpeting and paint coming away setting up booths at dalit trade in bubbly clumps. But it is cleaner fairs. Top government officials and has more resources than the are talking about a venture capital public hospitals most Indians must fund to make financing easily rely upon. Pippal proudly ticks off available to entrepreneurs from its assets: 150 beds, 187 doctors, a range of care from oncology to India’s outcast communities. Modern India is now become an plastic surgery. In so many ways, Pippal has increasingly caste-blind society. proven himself a success. He is Nonsense, says Anand Teltumbde, a prominent dalit activist. “These rich. He is greeted with respect stories (about successful dalits) sit on the streets. His children went well with the middle class,” said to good schools, and grew up Teltumbde, who is a grandson of with friends from across the caste B.R. Ambedkar, an independence- spectrum. Yet he also believes that he era dalit lawyer revered as a hero remains, a figure of quiet by dalits across India. “The entire contempt. world has changed ... but the “These people are very bloody number of well-off dalits is no clever,” Pippal said of the highmore than 10 percent. The rest live caste businessmen with whom he a dilapidated kind of life.” deals. “When there are profits to As for Pippal, he is a rich dalit be made, then everything (about who thinks very little has changed his caste) is OK.” “But in their mind, they’re for India’s outcasts, a man who credits his own success to hard thinking: ‘He is a dalit.’” INDO AMERICAN NEWS • Friday, DECEMBER 30 , 2011• WWW.INDOAMERICAN-NEWS.COM
SPORTS
December 30, 2011
Mahesh Gawli Retires from International Football
NEW DELHI (Samachar): Indian football team defender Mahesh Gawli, who represented the country in 82 matches, brought the curtains down on his 12-year-old international career on Monday. Gawli, who plays for Dempo on the domestic circuit, will now focus only on club football. “Football is a demanding sport. I have played at the highest level for 14-15 years and once you play for your country, you need to achieve continuously. I feel I’ve had enough of international football,” said Gawli, who made his debut against Thailand during the pre-Olympic qualifiers in July 1999. The footballer, who will turn 32 in January next year, said that he had had a satisfying career. “From my personal side, I feel I’ve achieved quite a lot and it’s time for me to stop now and focus entirely on club football. I have consulted my family and it’s an unanimous decision.” “It is delightful and so appropriate to have a perfect farewell to my international career on winning the SAFF Championship 2012, which is more heartening,” Gawli said. The Dempo footballer, however, will continue to play club football for another “five-six years.” Gawli, meanwhile, hailed IM Vijayan and Bhaichung Bhutia for their skills and was also appreciative of Robert Fernandes and Deepak Mondal. “Speaking of forwards, there’s always a certain IM Vijayan and a Bhaichung Bhutia. They always made the task difficult for defenders,” he said. “Robert Fernandes is one from whom I’ve learnt a lot. He stays one of my personal favourite as a partner in defence. And there’s Deepak Mondal. We spent four years at the TFA (Tata Football Academy) and later on partnered each other in defence. The telepathy between us was amazing. He has always been a class act,” Gawli reflected. Gawli also felt that football in India has changed for the better since his debut. “The football played nowadays is entirely different. The present lot is a more confident unit, which
understands the value of holding onto the ball. Earlier, the primary focus stayed in clearing the ball. Nowadays, there’s more constructive play. The mind stays pre-dominant in the brand of football we play now. The attitude and the fitness of the players have improved leaps and bounds,” he said. The footballer pointed out that there were a lot of sponsors coming to support the game now, and said the increase in the amount of exposure tours has only helped to boost the confidence of the players. Gawli was also positive about the young talent in the Indian ranks. “Prayag United’s Arnab Mondal is playing well at the moment. He’s tough, yet confident. Then there’s Raju Gaikwad (East Bengal) and Dempo’s Crescent Antao.
Gourmangi Singh is a senior pro now and stays the guiding force for all. I’d love to see Anwar Ali make a comeback into the national squad.” “Besides, Ravanan (Churchill Brothers), Anas Edathodika (Pune FC) and Gurwinder Singh (East Bengal) are also talented youngsters,” Gawli said of the upcoming crop of defenders in the country. Gawli was part of the team that won seven titles, including the 2008 AFC Challenge Cup and Nehru Cup, in 2007 and 2009. He captained India in a one-off match against Malaysia in Guwahati last month. Gawli has been playing for Dempo since 2005 and was earlier a member of Churchill Brothers and East Bengal.
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Sania to Lead Indian Challenge in Fed Cup
Sania Mirza will be heading the next month’s Fed Cup to be held in China. Sania Mirza was named to NEW DELHI (Samachar): Sania Mirza was on Monday named to spearhead the Indian challenge in spearhead the Indian challenge in next month’s Fed Cup. The team was relegated to group next month’s Fed Cup, where the country will strive to get back to II after losing all the three roundGroup I in the Asia/Oceania zone. robin league ties and then the playThe selectors also included off rubber to Chinese Taipei. India had won only three matches national champion Rutuja Bhonsle, old hand Isha Lakhani and the and two of those were singles wins young Prerna Bhambri in the four- by Sania. Rohit Rajpal was named as member squad. The axe fell on Poojashree captain and Enrico Piperno the Venkatesha, veteran Rushmi coach of the team. The Group competition will be Chakravarthy and Aishwarya Srivastava, who were part of the held in Shenzhen, China from January 30 to February 4. squad the last time around.
India Go Past Greece in World Team Chess
Mahesh Gawli was a part of the Championship team that won the SAFF 2011 cup. since 1997. He is said to be one of the best defenders the nation has. He plays at the Center Back position. He has represented the team in a number of tournaments such as LG Cup won by the Indian team. He was a part of the winning Indian Football team that played in the AFC Challenge Cup 2008, and was honored with the Man of the Match award in the Final match of Nehru Cup International Football Tournament 2007, played Mahesh Gawli,Indian Football Player, is against Syria. a part of the Indian National Football team
To e-mail us local school or college level sport events, email us: indoamericannews@yahoo.com
MARDIN (Samachar): Grand to keep the team high up in the Master D Harika scored the only standings. win of the day for the side as India With China on 14, Indians hold edged past Greece the sole second spot 2.5-1.5 in the seventh on 11 match points and round to stay in medal they currently enjoy contention in the world a full point lead over women team chess Russia. championship here. Ukraine, Vietnam and Harika defeated Georgia share the fourth Marina Makropoulou spot on eight points while Koneru Humpy, each while Armenia is Tania Sachdev and now out of contention Padmini Rout all with just six points. settled for draws. Indians have a tough Grand Master D Dronavali Harika draw in last two rounds Harika scored the only when they meet Georgia and China. win of the day as India edged past Ideally, one draw against these two Greece 2.5-1.5. should be enough for a medal. China remained in sole lead on The English opening by the Indian 14 points from seven matches gave her an opening advantage defeating Georgia by a 3-1 margin. and Marina erred further in the Yifan Hou and Zhao Xue paved middle game by giving two minor the way for another victory with pieces for a rook. Showing precise fine performance on the first and technique, Harika wrapped the third boards with white while the issue in 45 moves. black pieces games ended in draws E-mail us local sports events!
INDO AMERICAN NEWS • friday, DECEMBER 30, 2011 • WWW.INDOAMERICAN-NEWS.COM
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Indo American News • Friday, DEceMBER 30, 2011 • Online Edition: www.indoamerican-news.com